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Vir announces public offering
Posted on Monday, 06 July 2020 13:45
US-based clinical-stage immunology company Vir Biotechnology has announced plans for a public offering to raise around USD 287.50 million.
Under the terms of the share sale, the group is offering 6.20 million shares of its common stock, with its last close totalling USD 40.32 on 2nd July 2020.
Vir’s stock price has jumped 187.6 per cent since going public in October 2019.
Goldman Sachs, BofA Securities, Cowen and Barclays have all been appointed as joint book-running managers for the proposed offering and have been granted a 30-day overallotment option to purchase up to 930,000 shares at the sale price.
The final amount to be raised is still yet to be determined and the deal remains subject to market conditions, and therefore there can be no guarantee as to when the transaction will complete or as to the size or terms of the proposal.
Vir are a clinical-stage company focused on combining immunologic insights with cutting-edge technologies to treat and prevent serious infectious diseases.
According to the filing with the US Securities and Exchange Commission, infectious diseases are one of the leading causes of death worldwide and can cause trillions of dollars of direct and indirect economic burden each year, as evidenced by the current coronavirus pandemic going on globally.
Vir plans to use the proceeds from this offering, together with existing cash and short-term investments to fund the research and development of product candidates and development programmes, including VIR-7831, VIR-7832 and VIR-2703, as well as for commercial manufacturing and launch preparations of antibodies.
During the three months ended 31st March 2020, the company posted revenue of USD 5.72 million, representing an increase from USD 3.66 million in the corresponding period of 2019.
Net loss during the timeframe totalled USD 77.24 million, compared to a loss of USD 28.67 million in Q1 2019.
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